During the quarter, the profit of the bank fall 33.66% to Rs 20.58 billion from Rs 31.02 billion in the same quarter past year.
Analysts on average had expected a net profit of 24.91 billion rupees, according to Thomson Reuters data.
Despite a 34 percent drop in net profit at Rs 2,058 crore from a year ago, the Mumbai-based bank saw its gross non-performing assets (NPAs) in the three month period July-September decreased even as it spiked from a year-ago period.
But some of ICICI's private sector rivals have disclosed additional bad loans following a central bank audit of their books for the last financial year.
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The banks core net interest income grew 9 per cent to Rs 5,709 crore on a 6.3 per cent overall loan growth (including 12.8 per cent in domestic market), and a 0.14 per cent expansion in net interest margin to 3.27 per cent.
This stemmed from the sale of stake in ICICI Prudential Life Insurance Company.
"We continue to maintain our focused approach to growth, in line with our objective of improving the portfolio mix", said Chanda Kochhar, MD & CEO, ICICI Bank, in the post-earnings interaction with the media.
The bank said it has undertaken upgrades, sale to asset reconstruction companies (ARCs) and downgraded the accounts by setting aside adequate provisions to buffer the loans it was confident of recovering. The percentage of gross NPAs increased to 1.82 per cent against 0.97 per cent sequentially. The stock is down 73 percent on an year-to-date basis. Of the total loan slippages, Rs256 crore came from accounts that are internally classified as below investment grade.
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Gross NPA and net NPA ratio jumped to 7.87 percent and 4.43 percent, respectively, as of September 2017, as against 6.12 percent and 3.21 percent, respectively, as of September 2016.
Provisions and contingencies fell 36.42% to Rs4,502.93 crore from Rs7,082.69 crore a year ago.
She said in addition to the exposure to 9 of the 12 accounts in the first list of IBC accounts given by RBI, it has exposure to 18 more accounts in the newer list speculated to consist 30 accounts.
Total income for the quarter declined 17.56% to Rs 187.63 billion, compared with Rs 227.59 billion for the prior year period.
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The total fund-based exposure to these 18 accounts which need to be resolved by December 31 is Rs 10,476 crore and the non-fund based exposure is Rs 1,384 crore.